Pierre Foods plans recovery
September 30, 2008
Pierre Foods Inc., Cincinnati, announced that it has entered a reorganization plan with Oaktree Capital Management LP. Pierre will ask the bankruptcy court to approve the plan in December, and hopes to emerge from bankruptcy sooner than originally planned, said Norbert Woodhams, chief executive officer of Pierre Foods. Woodhams added that the deal with Oaktree is an important step on the road to recovery and that the company is operating in line with expectations.